Are there any rules-of-thumb one can use for figuring out how much life insurance should cost? I've never had it except for a small policy through my work but my wife and I are expecting our first baby in a few months so I think it's time.

I'm 41, non-smoker. No major health issues, just high cholesterol that's handled with medication. I'm looking for a $1M 20 yr term life policy.

I have my auto and home owners insurance through Farmers. Good service the few times I've needed it for the cars but I think it's pretty pricey. I filled out an application with my agent and am waiting to hear how much the policy will cost.

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